According to Interfax article published on March 28, 2023, the pressure of sanctions on Russia's oil industry might intensify in 2023, so it is important to build a sector that is resilient in the face of them by developing the country's own infrastructure and tanker fleet, Gazprom Neft CEO Alexander Dyukov said.
"2023 will be no less difficult, perhaps even more difficult. We expect sanctions pressure to intensify. And in this regard the objectives that we set in 2022 remain relevant in 2023. The key challenges for us are to ensure the steady operation of the sector, ensure the stable functioning of our sector and the continuity of all our production processes," Dyukov said.
He said it is important for Russia to build an oil industry that is resistant to existing and possible new sanctions that could be "even harsher."
"We need to develop our transport infrastructure, railway transport, pipeline transport, our port facilities, expand the tanker fleet, develop shipping along the Northern Sea Route. The North-South corridor is important. Well and, of course, shipments eastward are important," Dyukov said.
In order to ensure Russian sovereignty and the stable operation of the sector, it is also important to create the necessary financial infrastructure, independent of western institutions, he said.
"We need to create and expand the use of an independent system of international settlements, and this is not just the work of the sector - we are hoping foremost for the support and assistance of the Finance Ministry and Central Bank," Dyukov said.
"We need to develop an independent system of insurance for cargo, vessels, liability. We need to create an independent system for financing trade operations and, of course, we need new independent, alternative mechanisms of pricing for our oil and oil products, so we need to develop exchange trading and create new independent price agencies," Dyukov said.
